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Auction Homes Go at Knock Down Prices

by guildy | 25 Jan 2019 | Investing in a Property (England), Investing in a Property (Wales), News

Auction Homes Go at Knock Down Prices

Fewer homes are going under the hammer at property auctions – but those that sell are at knock-down prices.

The average price of a home going to auction last year was £152,559 compared to the Land Registry average property sale price of £230,630 in November.

The latest auction data shows 26,279 residential lots were offered for sale in 2018, with buyers snapping up 19,595 lots for £2.99 billion, according to market monitor Essential Information Group.

However, the figures were all down 4.4% on the previous year when 27,494 lots went to auction.

Fewer lots were sold in 2018, down 6.8% from 21,024 the year before and 6.3% less cash was raised – £3.19 billion.

“The ongoing Brexit turmoil leaves an outlook that remains uncertain, at least in the short term,” said EIG spokesman David Sanderman.

“The entire property market, private treaty included, is seemingly on tenterhooks whilst Parliament continues to try and negotiate a way out of the mire.”

UK auction statistics 2017-2018

UK England
2017 2018 Change 2017 2018 Change
Lots offered 27494 26279 -4.4% 26577 25447 -4.3%
Lots sold 21024 19595 -6.8% 20423 19045 -6.8%
% sold 76.5% 74.6% -2.5% 76.8% 74.8% 2.0%
Total raised £3.19b £2.89b -6.3% £774.8m £702.10 -9.4%
Wales Scotland
2017 2018 Change 2017 2018 Change
Lots offered 445 480 7.9% 214 211 -1.4%
Lots sold 330 361 9.4% 123 133 8.1%
% sold 74.2% 75.2% 1.3% 57.5% 63.0% 9.6%
Total raised £27.2m £31.1m 14.4% £6.4m £8.8m 36.8%
NI
2017 2018 Change
Lots offered 258 141 -45.3%
Lots sold 148 56 -62.2%
% sold 57.4% 39.7% 30.8%
Total raised £12.6m £5.0m -60.2%

Source: Essential Information Group

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Recent Articles

  • Smoke and Carbon Monoxide Alarm Changes (England) 24/05/2022
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  • Sub-occupation contracts (Subletting) (Wales) 19/05/2022
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